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The alpha memecoin, Dogecoin (DOGE), continues to take effect of market volatility. The coin lost its previous gains following the market downtrends. The fledgling coin BTC printed over a 5% decline in the last week and ETH decreased by around 8%. Similarly, the DOGE token was down over 8% on its week-on-week chart, losing 1.27% on the day. At $0.083, Dogecoin trades dangerously close to its week’s $0.083 floor. Any bearish move may pull it under, losing its substantial gain.
Dogecoin, like the rest of the market, tumbled over after the FTX implosion earlier this week. As the top coins struggle to recover, Dogecoin has still managed to entice traders in recent days. Although trading volume has dropped by over 40% in the last day, there’s still hope for an upswing in the coming days.
Doge Founder Speaks Against SBF’s FTX Comeback
On Wednesday, Sam Bankman-Fried turned to Twitter to announce his plans to “raise liquidity, make consumers whole, and relaunch.” SBF’s announcement followed the exchange’s filing for bankruptcy under ‘Chapter 11’ on Friday, November 11th. But Billy Markus, known on Twitter as Shibetoshi Nakamoto, was having none of it. The Doge founder insisted that SBF should not be given a second opportunity, given the part he played in the FTX debacle.
The former CEO of FTX says his businesses’ monthly asset accumulations exceeded their liabilities. These claims come despite accusations that FTX hid a $10 billion black hole in its accounts. However, SBF made it quite clear that they were not transferable securities. In a series of tweets, SBF disclosed that FTX’s assets totaled $8 billion. Out of that number, $5.5 billion were classified as “semi-liquid,” and $3.5 billion were unmarketable.
The cryptocurrency entrepreneur continued by stating that Alameda has a margin position on FTX International and FTX US. He added that the company had the resources necessary to compensate all consumers. However, the developer of Dogecoin is strongly opposed to this idea. According to him, “those who commit enormous massive fraud” shouldn’t be given “a second chance to perpetrate enormous massive fraud again.”
Dogecoin’s price is currently hovering around $0.0841. | Source: DOGEUSD price chart from TradingView.com
Can Doge Reach $0.1? What The Charts Say
In the wake of the market meltdown triggered by FTX’s collapse, the price of dogecoin fell by over 43%. But after hitting a low of $0.0790, the cryptocurrency has been rising. The memecoin is trading at $0.0850 right now and might use some help from the bulls to go back up to a solid position.
According to the RSI, there hasn’t been much of an uptick in purchasing pressure. Therefore the cryptocurrency has been trading below its $0.0914 resistance level. DOGE may revisit the $0.0914 resistance level again if buying pressure picks up. At this point, it may break above or perhaps turn that level into support.
Still, it has to overcome the inefficiency located at $0.0962, known as the Fair Value Gap (FVG). If it manages to break out of this range, it will be one step closer to completing an 18.5% surge and hitting $0.1000. The cryptocurrency market is still rather susceptible to corrections. So traders expecting nothing but good news should wait before putting their money into it.
Featured image from Pixabay and chart from TradingView.com
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.